REAL ESTATE TRANSACTIONS
Whether you’re selling your home or buying your dream house, Lite & Russell can assist you.
We take you through every phase of the real estate transaction.
From entering into a sales binder right through the actual closing, our attorneys will make sure that your rights are protected.
For Sellers: When our clients are selling their homes, we will prepare a contract of sale. The contract is then forwarded to the purchasers’ attorneys. It is then up to the purchasers to sign the contracts and return them to us, along with the required down payment. When we receive our contracts back along with the down payment check, we will deposit the down payment into an escrow account, pending closing. It is at this point that our attorneys will ask the seller to sign the contract. It is also very helpful if the seller can provide us with copies of their deed, survey, tax bill, certificate of occupancy, title insurance policy and a recent statement for any mortgages, judgment or liens that are filed against the property. We must make arrangements to pay off these debts, from the proceeds of sale. If applicable, sellers should also bring to the closing a statement from a fuel oil company showing the value of any oil that will be left in the tank. At closing, sellers will get paid for the value of the fuel along with a reimbursement for any property taxes paid for the post-closing period.
For Buyers: When buying a house it is important that buyers fully inspect the premises. Some buyers even elect to have a professional engineer inspect the home. Make sure that the market value of the home is consistent with the purchase price.
Once you have agreed on a purchase price, it is time to sign a contract. Our attorneys will review the contract and make sure that your rights are protected. At the contract signing, you must provide the down payment check. The vast majority of buyers will also need to obtain financing (a mortgage) for their purchase. When shopping for your mortgage, make sure that you ask the lender what the interest rate will be. Also ask your lender for full disclosure of all finance charges. Our firm will be happy to help you with the process. You must secure your financing prior to scheduling a closing. During the time between contract and closing, we will be obtaining a title search and report on the property. As your attorneys, we will obtain all information concerning mortgages, liens, judgments, tax arrears, restrictions, covenants, chain of title issues, easements, encroachments and any other encumbrances against the property. We will make sure that your new home will be free and clear of all debts and legal problems. Just prior to the closing, buyers should do a “walk-through” of the home. You are entitled to the house in the same condition that it was in at the time that you signed the contract. The house must be vacant and broom-cleaned. Also, you are entitled to have the plumbing, heating and electrical systems in working order. So, do your homework and inspect the house before you come to the closing.
To prepare you for the closing, we will work with your lender and the title company to compute your closing costs. We will also advise you as to the number and specific amounts of bank or certified checks to bring to the closing.
Lite and Russell Attorney Disclaimer:
The legal information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer or attorney client relationship. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. Please contact a lawyer for a consultation on your particular legal matter. This web site is not intended to solicit clients for matters outside of the state of New York.
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